FG, States, LGAs Share N2.428trn September Revenue
The Federal Government, state governments and local government councils have shared N2.428 trillion as revenue allocation for September 2026, following the Federation Account Allocation Committee (FAAC) meeting held in October.
According to a statement from the Federal Ministry of Finance, the allocation was drawn from a gross revenue of N3.913 trillion, with the meeting chaired by the Accountant-General of the Federation, Shamsudeen B. Ogunjimi.
Of the total amount distributed, the Federal Government received N832.242 billion, while the state governments received N799.872 billion. Local government councils got N560.660 billion, while oil-producing states received N236.049 billion as their 13 per cent derivation revenue.
The committee also allocated N131.758 billion for the cost of revenue collection, while N1.353 trillion was earmarked for transfers, refunds and savings.
VAT Revenue Drops by N17.972bn
The FAAC communiqué showed that the gross revenue available from Value Added Tax (VAT) for September 2026 stood at N816.872 billion, compared with N834.843 billion shared in the preceding month.
This represents a decrease of N17.972 billion.
Of the VAT revenue, N23.576 billion was allocated for the cost of collection, while N36.709 billion was set aside for transfers, refunds and savings.
The remaining N756.587 billion was distributed among the three tiers of government, with the Federal Government receiving N75.659 billion, state governments getting N416.123 billion and local government councils receiving N264.805 billion.
Statutory Revenue Increases
The committee disclosed that gross statutory revenue for September stood at N3.097 trillion, representing an increase of N246.384 billion compared with the N2.850 trillion recorded in the preceding month.
From the amount, N106.182 billion was allocated for the cost of collection, while N1.316 trillion was earmarked for transfers, refunds and savings.
The remaining N1.672 trillion was distributed among the three tiers of government and oil-producing states.
The Federal Government received N756.583 billion, while state governments got N383.749 billion. Local government councils received N295.855 billion, while oil-producing states received N236.049 billion as derivation revenue.
The communiqué further indicated that Petroleum Profit Tax, Hydrocarbon Tax, petroleum royalties, import duty, Common External Tariff levies and excise duty recorded significant increases.
However, Companies Income Tax, Stamp Duty Tax, Value Added Tax, mineral royalties, gas-flaring penalties, rental income, gas-flaring fees and miscellaneous oil revenue recorded decreases.
The total distributable revenue for September 2026 stood at N2.428823 trillion, comprising N1.672238 trillion from statutory revenue and N756.587 billion from VAT.
